World gold prices are at record highs.

Global gold prices are at unprecedented highs, with attention focused on the minutes of the US Federal Reserve meeting and remarks by Chairman Jerome Powell for updates on interest rate adjustment plans.

"Gold prices have been fairly stable recently. Buyers are anticipating a new record high. With the current upward trend, gold prices could reach $2,665 per ounce," according to Yeap Jun Rung, market strategist at IG.

Since the beginning of the year, gold prices have risen by more than 20%, reflecting market confidence that the Fed will cut interest rates in September. Aggressive buying by central banks and political instability in the Middle East have also contributed to the rise in gold prices.

Gold, a non-yielding asset, becomes more attractive in a climate of low interest rates. The Fed is expected to cut interest rates by 25 basis points at its upcoming meetings later this year. Economists are not concerned about the possibility of the US falling into a recession.

Ole Hansen, head of commodity strategy at Saxo Bank, believes that the decision to cut interest rates will depend on whether new economic data supports the recent slowdown in the US economy.

Investors are watching the minutes of the Fed's July policy meeting and Chairman Jerome Powell's speech at the Jackson Hole conference for clues about the next policy direction.

Meanwhile, silver prices edged down 0.4% to $29.36 per ounce, platinum rose 0.4% to $957.08, and palladium fell 0.7% to $925.47.

The fuel market also saw a correction, with Brent crude falling 0.86% to $76.99 per barrel and US West Texas Intermediate crude falling 0.8% to $73.75 per barrel, reflecting a reduction in political tensions in the Middle East.

Gold price forecast

Mark Leibovit from VR Metals/Resource Letter predicts that gold prices will continue to rise in the near future and suggests that silver also has the potential to increase. Adrian Day, President of Adrian Day Asset Management, is also optimistic about the outlook for precious metals this week.

Day argues that while statements from the US Federal Reserve (Fed) may temporarily cause gold prices to fall, the long-term trend remains upward. He believes that the likelihood of the Fed cutting interest rates in September is very high, and this would support gold prices.

Adam Button, market strategist at Forexlive.com, recommends buying gold when prices break through resistance levels, especially now that Chinese banks are allowed to buy more gold.

However, Marc Chandler from Bannockburn Global Forex believes gold needs time to consolidate before reaching new record highs. He is awaiting Federal Reserve Chairman Powell's speech and predicts gold could rise after a period of sideways movement.

Conversely, Darin Newsom from Barchart.com and Bob Haberkorn from RJO Futures forecast a downward correction in gold prices this week due to technical signals indicating the market is in "overbought" territory.